Since eCommerce and the need to pay without direct contact have arisen during an epidemic, various digital payment companies and eWallet apps for mobile devices have appeared.
What Are Mobile Wallet Apps?
Cash payments have long since fallen out of fashion for goods exchange and delivery services, as plastic cards gradually replaced cash transactions to create an economy where transactions now happen cashlessly - making life much simpler as people no longer need to carry around money or bags with them! Furthermore, mobile eWallet applications make payments even simpler by enabling users to conduct transactions directly using their devices.
Read More: Which Technology is Best in Digital Wallets?
What Is The Ewallet Mobile App?
The mobile wallet app for eWallet utilizes advanced technologies to ensure digital financial transactions take place safely and efficiently.
Registration Of Users
Users will first install and download an eWallet mobile application from an app store before providing personal details such as email, name and contact info for registration.
Additional security may require entering password or biometric authentication codes into their phones for added protection.
Create Account
Once registered successfully, an eWallet creates a user account in their server that can be linked with mobile phones as well as bank accounts or funding sources such as credit/debit cards or any other available financing mechanisms.
Security measures
To protect users and transactions, the eWallet application implements multiple security features including encryption, tokenization and multi-factor verification.
Funding Wallets
Users can fund their eWallet by connecting it to bank accounts, credit/debit cards or debit cards, with each app securely storing payment details and using third party payment gateways for processing transactions.
Wallet Balance
eWallet keeps an accurate record of the user wallet, updated in real-time after each transaction.
Transaction Types
The eWallet App supports various transaction types such as bill payments, online/offline purchases, merchant payments and P2P transfers.
Authorization Of Transactions
This app empowers users to initiate transactions by entering all necessary details pertaining to recipients, amounts and security PINs.
Transaction Processing
eWallet App securely manages transactions by verifying transaction details, checking wallet balance and verifying with recipient/merchant before processing transactions.
Confirmation Of Transaction
Once processed successfully, the app will send both merchant and user an email confirmation of transaction details including ID number, time/date/amount information etc.
Transaction History
eWallet provides users with access to an historical transaction log which displays past transactions including date, amount, status and time details.
Error Handling
Error handling mechanisms built into this app detect and respond to transaction failures due to insufficient funds, incorrect transaction detail or connectivity problems and provide appropriate error messages to users.
Audits Of Security
Regular audits and security updates on an eWallet application may be performed to verify that all protection features and protections remain current and effective.
Want More Information About Our Services? Talk to Our Consultants!
The Digital Payment App Offers Different Types Of Money Transaction Methods
eCommerce has quickly established itself as an invaluable service, serving essential products while simultaneously giving people retail therapy.
Due to this success, eWallets were developed, which allow people to pay online using different payment methods; more on these below.
NFC (Near Field Communication - Near Field Communication)
Payment using contactless technology allows users to make transactions without physical contact between themselves and sellers - it is known as contactless payment methods.
You dont have to touch anything other than yourself but must still be near enough so your device can be read by the paypad of the recipient, typically within three-four inches away from paying devices such as phones with paypad readers - payments can typically take place. While older phones might not support contactless payment solutions yet, newer smartphones now support such features that eliminate future contacts between users and sellers.
Mobile Wallet Apps
As previously discussed, these apps offer many features and costs to consider when considering making transactions easier and safer for all parties involved.
One such electronic wallet that has changed how transactions occur is Google Wallet; other eWallets include Cash App Due Pay Samsung Pay.
Paying With Sound Waves
This innovative payment method gives contactless payments a considerable boost. By transmitting sound waves from your smartphone to complete transactions, this feature works seamlessly across any type of device including feature phones, smartphones and card swipe machines.
Internet Banking
Are You Opening an International Bank Account Online Banking Has Long Been Available.
Direct Carrier Billing
Payment through Direct Bill is typically used in areas with few available online payment solutions and is an efficient means of paying.
Simply ask the seller directly to add your bill amount onto their monthly phone bill payment plan.
There Are Many Types Of Mobile Wallet Applications
Closed eWallets
Walmart Pay is a mobile wallet designed exclusively to pay for products purchased through one app. Their eWallet app development solution system was implemented more recently despite existing for a number of years; other businesses provided it first; these wallets cannot be used online and must only be available with specific apps.
Semi-Closed e-Wallets
Open electronic wallets give users greater power than closed ones, as users are able to use these at stores who have signed agreements with the provider company for them.
Some stores may not yet provide these wallets and they are therefore known as semi-closed electronic wallets.
Open e-Wallets
These wallets are among the most widely-used eWallets because they are accessible across Android, iOS, or both platforms if compatible.
Their user experience is also straightforward - Google Pay, Paytm and others in this category provide such ease-of-use services.
The Market For Ewallet Apps - Size And Statistic
Technology has revolutionized eWallets and enabled start-ups to profit from their apps, with market growth being phenomenal and users readily adapting.
Statistic and market growth figures make this all clear; here are a few statistics about its expansion.
Study results predict the mobile wallet market to experience compound annual compounded annual compound annual compound annual compound annual compound annual compound compound annual compound growth from USD 10043 billion up to $75800.1 billion by 2027, providing insight into user engagement of mobile wallet apps.
The growth of such apps provides valuable data as to their usage by their respective user bases.
According to research, it is anticipated that by 2023 the global eWallet market will experience an estimated compound annual revenue growth rate increase of 15% and reach $2.1 billion in CADR terms.
Juniper Research predicted in 2017 that money spending via wallets would surge 32%.
According to recent findings by Allied Market Research, the mobile wallet industry was estimated at $1.40 trillion dollars by 2020 and expected to expand further through 2027 by reaching $7.58 billion dollars - at an expected compound annual compound growth rate of 24.8% over this time frame.
2020 mobile wallet transactions across various regions worldwide and projections through 2025
Mobile Wallets: Industries Driving The Growth
eCommerce Industry
Most smartphone owners rely on ecommerce apps and smartphones to browse e-commerce products that suit their homes or luxury desires, with some preferring online purchases over physical ones.
E-wallets have seen significant growth thanks to new apps connecting buyers and sellers directly, likely as more users shop more online; less cash-on-delivery is now also required as more individuals prefer prepaying upfront for goods they want delivered directly.
The On-Demand Grocery And Food App
On-demand is a rapidly-expanding industry. People have grown weary of venturing out due to global pandemic, opting for these apps instead of heading out shopping themselves for groceries and food orders.
On-demand has grown quickly since social isolation and distancing have become widespread trends; many apps integrate eWallet payment options, and most customers make payments using those installed on mobile phones as the preferred payment mechanism.
Book A Taxi On Demand
Booking a taxi and paying in cash? That is an obsolete practice now that has fallen out of favor with many. People have switched over to using electronic wallets in these situations to maintain trust between users of an app and its owner as well as being the easiest and simplest method for transacting transactions.
Online Bill Pay
No longer must electricity bills be visited to pay their bill every month; now this process can be easily and comfortably done from your own home using an electronic payment solution such as most eWallets that allow customers to make timely payments of electricity, phone bill or gas consumption via their app - it even works with phone bills.
Ticketing And Booking
Ticketing industries have done everything within their power to make electronic wallets an enormously successful tool, used for buying plane, train and bus tickets as well as booking movies or concerts online.
How To Make An Ewallet Mobile App
Define App Features
Choose which features will make up the foundation of your app, such as user registration and logins; wallet creation; adding credit/debit cards for money transfers/transactions/payment history/linkages with accounts etc; as well as user registration/logins etc.
Select The Platform
Choose which platform will best serve your app: iOS or Android? Your programming language, frameworks and tools may all depend upon this decision.
Create UI/UX
User Interface and Experience Design. UI and UX design should be visually appealing while user-friendly, using wireframing and prototyping for designing the screens of your app, including buttons, icons and navigation.
Backend Development
Create the server logic necessary for authenticating users, wallets and transactions; as well as integration with payment gateways or banking systems.
Choose an appropriate technology stack like Node.js or Ruby on Rails when building out this side.
The Frontend Development Step
Assemble the frontend client code using appropriate technologies: for native apps use Swift or Kotlin; cross-platform apps may use React Native and Flutter development techniques - inclusion UI/UX design, input validation and communication between API backend and frontend app development are included herein.
The Payment Gateway
Integrating payment gateways like PayPal Stripe or Braintree enables users to conveniently manage and add credit/debit cards, receive money payments and make payments.
Implementing Security
Put in place strong security measures when safeguarding user data. These should include encryption of sensitive information, secure authentication methods and adhering to industry standards like PCI DSS (Payment Card Industry Data Security Standard).
Test And Quality Assurance (Qa) Is The Eighth Step.
Your app must undergo extensive testing in order to detect bugs, errors and usability problems - functional testing, security testing and performance testing are all included in its overall success testing regimen.
The Deployment
Prepping your app to be released into production involves optimizing its performance, configuring server settings and creating an ideal production-ready environment.
Be sure to follow any applicable guidelines when deploying to an app store like Apple App Store and Google Play Store.
Updates And Maintenance
Continuously monitor and improve your app, fixing bugs or adding features based on feedback from users and the market.
Read More: Guide To Know About The Features, Benefits & Cost To Build A Digital Mobile Wallet App
The wallet app: Monetization Opportunities
eCommerce Support
Users can begin businesses using wallets, selling products through apps. Businesses can sign contracts to start selling through your platform; any profits generated will then be shared between parties involved.
In turn, this helps attract new clients while creating an even wider user base and drawing in more brands; clients may contact you in order to integrate payment gateways directly into their applications.
Commission On Billing
Apps used by their users usually receive a percentage of each transaction as one method of monetization; its most frequently seen with electronic wallets.
Advertisement
Apps thrive due to advertising. Third-party brands can rent space within your app for advertisements from third parties that pay you in advertising fees determined by duration and placement of ads.
What To Consider When Developing An Electronic Wallet App
Regulatory Compliance
Each app for an eWallet should adhere to regulations set out by them and be constructed on an appropriate framework; this helps avoid future risks while conducting fair and transparent transactions.
Users Data Protection
Apps should never leak any user data collected through them as even one leak could compromise performance of an entire app.
Fraud Risk
App owners must be prepared for potential fraud risks when using apps with money transactions, which increases the probability of frauds occurring.
App developers must ensure the app remains risk-free for users; money laundering often happens through anonymous accounts that can be hard to trace; thus its crucial that app developers hold themselves accountable by safeguarding against this.
Apps For Mobile Wallets: Advanced Features
Push Notification
An app owner may offer users notifications regarding all transactions that take place, which will give them greater insight and make them feel connected with their money and accounts.
This way, the details about every account become more tangible to users and they feel more in control over them all.
Join The Social Network And Log In
Users can sign up for the app using credentials they already possess from any social media platform, saving themselves both time and effort by not needing to enter all their information again.
Each individual must create their own login info in order to perform transactions and keep an overview of past/current deals.
QR Code Readers
Electronic wallets (eWallets) have quickly become one of the easiest payment solutions available today. By simply scanning QR codes with their phone cameras, QR code readers allow users to pay without ever meeting sellers face to face; payments go straight into recipients accounts.
Improved Management Of Personal Spending
Monthly Totals will provide users with an overview of how much money was spent over a given timeframe on products and services purchased, while your transactions can be easily found through History tab to show you exactly how much youve spent - providing users with valuable data to make wiser spending decisions.
Loyalty Programs
All apps recognize customer loyalty and offer loyalty rewards in order to enhance user experiences. Loyalty programs come in various forms - for instance a point system whereby customers collect them for later spending or earning scratch cards with money prizes in return.
All these apps aim at building user retention through creating a sense of belongingness for its user base.
The CRM System
Customer Relations Management allows users to receive assistance at any time they require it and contact customer service representatives if there are any problems or queries they need help with.
Real-Time Analysis
Dashboard allows administrators to keep tabs on analytics in real-time. It shows all transactions that took place at any particular time; app owners will also have an overview of all activity taking place within 24 hours or at specific moments; including performance measures of their app.
Wearable Integration
Your device can easily go wherever the app has been installed and use it without carrying cash or wallets around with them.
Virtual Card
Users receive their unique, customized numbers which act like virtual credit cards to pay for products. Cashless economy is strengthened when users remember to bring their smartphones everywhere.
eCommerce Integration
As soon as your app becomes popular among both users and brands, businesses will contact you offering their products or discounts as retail therapy for users.
Pay Online And Recharge Your Phone
Users of these applications can also make payments easily using them, eliminating the hassle and discomfort of going directly to an electricity board to pay your electricity bill.
Now, users have more flexibility and comfort at home when paying their electricity bill or any other utility bill using an eWallet like our Wallet which allows us to pay our phone, electricity and gas bills!
Promo Tools
Due to fierce competition among eWallet app development companies, they all must offer discounts and specials directly on their apps home page for users to take advantage of them.
Chatbot Support
Accessing help at any point during the day enhances user satisfaction.
Want More Information About Our Services? Talk to Our Consultants!
The Team Structure Required For Developing An E-Wallet Mobile App
Manager Of Projects
Responsible for overall management and coordination of projects as well as team communication within projects to ensure timely completion on schedule and within budget.
User Interface/UI Designer
Design an apps interface so it is visually attractive, user-friendly, and meets its target audiences requirements.
Mobile Application Developer
App Development Services for various platforms (iOS Android etc). Utilizing programming frameworks and languages that offer performance, security, as well as functionality of their apps.
Backend developer
Provide backend infrastructure development such as server-side logic and database integration; ensure data security and manage server-side transactions.
Frontend developer
Develop the frontend elements of an app such as forms, screens and user interactions in collaboration with UX/UI designers in order to produce visual components of an engaging app experience for end-users.
Quality Assurance Engineer (QA)
Testing an app thoroughly to detect bugs and functionality issues can ensure it fulfills all requirements and is error-free before its release to market.
Security expert
Assures security for the eWallet application by protecting data through encryption, authentication and authorization measures.
Installs measures designed to stop unauthorized access while safeguarding users and their information.
Payment Gateway Integrator
ensures easy and safe transactions by integrating eWallet with third-party APIs, payment gateways, and other services.
Database Administrator
Maintain a database to store information regarding users, transactions and related material; ensure the integrity and backup and recovery of said data.
Marketing specialist
Plan and formulate strategies to market an application, acquire users, and retain them over time. App store optimization, social media marketing strategies and promotional activities will all be coordinated for maximum effect.
Business analyst
Researching user needs and competitors provides useful data that is used for developing app functionality and features.
Conclusion
With the advent of eCommerce and the need to make payments in a contactless manner, several digital payment companies have emerged and eWallet app development for mobile devices.
